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Short Seller Pleads Guilty
To Racketeering Charges

By

Carol S. Remond Dow Jones Newswires

Updated July 17, 2002 8:14 p.m. ET

NEW YORK -- Short-seller Derrick Cleveland pleaded guilty to racketeering conspiracy Wednesday and agreed to cooperate with the U.S. government in its case against four others, including controversial short-seller Anthony Elgindy, charged with racketeering and securities fraud.

In its May indictment against the group, the government charged that Mr. Cleveland worked with Mr. Elgindy and others to illegally profit from classified...